Garmin (GRMN) FY2023 results: revenue $5.2 billion, up 7.6% on the year
Garmin Ltd. (GRMN) reported revenue of $5.2 billion for fiscal 2023, the year ended 30 December 2023, up 7.6% on the year before. Net income was $1.3 billion, up 32.5%, and diluted earnings per share $6.71. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.
Revenue
$5.2 billion
+7.6% on the year
FY2016FY2023
Operating margin
20.9%
21.1% a year earlier
FY2016FY2023
Net income
$1.3 billion
+32.5% on the year
FY2016FY2023
Diluted EPS
$6.71
+33.1% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,376
788
1,012
+74.6%
Capital expenditure
194
244
308
-20.8%
Free cash flow
1,183
544
705
+117.4%
Free cash flow margin
22.6%
11.2%
14.1%
Cash from investing
-333
-145
-475
Cash from financing
-637
-841
-487
Depreciation and amortisation
163
149
139
+9.1%
Share-based compensation
101
76.8
92.5
+32.1%
Dividends paid
559
679
491
-17.7%
Dividend per share
n/a
$1.34
$1.34
Diluted shares, weighted
192m
193m
193m
-0.5%
Shares outstanding at period end
192m
192m
193m
+0.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
7,012
6,204
6,114
+13.0%
Debt
0.0
0.0
0.0
Operating lease liabilities
113
115
70.0
-1.3%
Other liabilities
1,478
1,412
1,670
+4.7%
Total liabilities and equity
8,604
7,731
7,854
+11.3%
Fixed assets
1,224
1,147
1,067
+6.7%
Goodwill
608
568
575
+7.1%
Investments
1,400
1,382
1,617
+1.3%
Cash and equivalents
1,693
1,279
1,498
+32.4%
Receivables
815
657
843
+24.1%
Inventory
1,346
1,515
1,228
-11.2%
Other assets
1,517
1,183
1,026
+28.1%
Total assets
8,604
7,731
7,854
+11.3%
10-K for the year ended 30 December 2023, filed 21 February 2024: the filing.